Hi Manomay,
I am Dave, I will help you with this.
The 'Remove Everything' option will remove your user profile form the PC along with all your personal files and installed software.
Only the data on the C drive will be removed, other drives will not be affected by the reset.
It is only if you choose the 'clean the drives' option that will remove data from all drives and will take a long time to complete.
Any data removed during a Windows reset cannot be recovered in Windows, there is no option for that, the only option would be to use a 3rd party recovery utility to try to recover files.